Estate, gift and generation-skipping transfer tax changes

Here’s a look at how the Tax Cuts and Jobs Act of 2017 is going to impact the estate, gift and generation-skipping transfer taxes. Estate and gift tax The Tax Cuts and Jobs Act (TCJA) increased the estate and gift tax exemption amount (the “unified credit”) for 2018 to $11,200,000 per person. A married couple …

Keep Reading

Tax reform: 2018 tax rates – do they help?

All the talk about tax reform leaves everyone with many questions. The most important question we are all asking is, “how does this affect me?” The most direct way this reform affects everyone is through the tax rates. Let’s recap the rates for 2017. Then we will go through the 2018 rates and income thresholds. …

Keep Reading

Don’t give employees opportunity to commit fraud

The term “segregation of duties” is used in the prevention of fraud within an organization. It involves separating duties among employees so that no single staff person is put in an advantageous position to exploit their control for self-gain. A large factor in how someone commits fraud and gets away with it is that they …

Keep Reading

No more domestic production activities deduction?

By now you’ve heard so much about the Tax Cuts & Jobs Act (TCJA) of 2017 and probably don’t want to read a word more, BUT you should since it directly affects you personally as well as your business. Luckily, you have us here at Henry+Horne to help extinguish the headaches and uncertainties by keeping …

Keep Reading

Young Nonprofit Professionals Network

The Young Nonprofit Professionals Network (YNPN) is a group solely devoted to helping and training young professionals who want to devote their energy and commitment to the social sector. YNPN looks for those who are purpose-loving changers, mission-driving professionals, big idea pushers and cause crusaders who make nonprofits happen. The network connects nonprofits with young/passionate …

Keep Reading

Tax reform: will I lose my mortgage interest deduction

I have received this question from friends, family and clients a lot recently. Like many Americans, you are probably asking if you will be able to continue to deduct your mortgage interest. As with all tax questions, the answer is it depends. TCJA applies for tax years 2018 through 2025. In 2026, the pre-Act rules …

Keep Reading

Understanding automatic enrollment in your 401(k) plan

We’ve all been there: starting a new job. The amount of information and paperwork can be overwhelming. It’s no surprise that reading up on and enrolling in a 401(k) plan isn’t at the top of everyone’s priorities. What may be surprising is that about half of all households age 55 and older have no 401(k) …

Keep Reading

New U.S. territorial tax system – tax reform impact

One of the major changes under the Tax Cuts and Jobs Act is the shift to a more territorial tax system. While most of the world is already on a territorial tax system, the United States has been doing its own thing taxing U.S. corporations on their worldwide income. Under the previous law, the U.S. …

Keep Reading

Scam alert: IRS urges taxpayers to be vigilant

We are taking a small break in the tax reform blogs to let you know that the IRS has issued an alert on a growing trend in scams aimed at taxpayers. Here is how the scam works – and keep reading, because there are different versions. After stealing taxpayer data and filing fraudulent returns, the …

Keep Reading

Limitation on deduction for interest

If new tax laws excite you then you’re in luck. With the passing of the Tax Cut and Jobs Act, there are many changes to the code for us to explore. Several of these changes will undoubtedly decrease taxes for businesses and their owners. But the new limits on the deduction of business interest isn’t …

Keep Reading